HIGHEST STANDARDS

OF GOVERNANCE

HIGHEST STANDARDS OF GOVERNANCE

STRATEGY, PERFORMANCE AND REPORTING

STRATEGY AND PERFORMANCE: PRINCIPLE 4 APPLIED

The Board appreciates that SAICA’s value proposition, its risks and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process.   

The Board approves SAICA’s strategic direction and purpose after obtaining the input of National Council. It then delegates to management responsibility for formulating strategy implementation in the short, medium and long term.

Successful implementation of strategy through superior operational performance is in the best interest of all stakeholders and is therefore a key responsibility for the Board and management. The Board not only approves SAICA’s strategy but also the performance measures and targets by which success is measured.

In approving the strategy, the Board takes into account risks and opportunities relating to the strategy and its implementation. The Board also satisfies itself that the business model is appropriate to meet SAICA’s strategic objectives. At each Board meeting, the CEO reports on progress with respect to implementation and the achievement of strategy objectives. The assessment is addressed at Board and at the Human Resources and Remuneration Committee for the purposes of annual bonus payment to management.

STRATEGY, PERFORMANCE AND REPORTING

STRATEGY AND PERFORMANCE: PRINCIPLE 4 APPLIED

The Board appreciates that SAICA’s value proposition, its risks and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process.   

The Board approves SAICA’s strategic direction and purpose after obtaining the input of National Council. It then delegates to management responsibility for formulating strategy implementation in the short, medium and long term.

Successful implementation of strategy through superior operational performance is in the best interest of all stakeholders and is therefore a key responsibility for the Board and management. The Board not only approves SAICA’s strategy but also the performance measures and targets by which success is measured.

In approving the strategy, the Board takes into account risks and opportunities relating to the strategy and its implementation. The Board also satisfies itself that the business model is appropriate to meet SAICA’s strategic objectives. At each Board meeting, the CEO reports on progress with respect to implementation and the achievement of strategy objectives. The assessment is addressed at Board and at the Human Resources and Remuneration Committee for the purposes of annual bonus payment to management.

ASSURANCE: PRINCIPLE 5 APPLIED

The Board ensures that reports issued by SAICA enable stakeholders to make informed assessments of SAICA’s performance, and its short-, medium-, and long-term prospects.

The Board sets the direction, approach and conduct for the reporting of SAICA affairs and performance to stakeholders. This is done during the annual approval of a reporting framework. The Board also ensures that the reporting frameworks comply with all regulatory obligations, which include the principles of King IV™.

The Board approved SAICA’s integrated report and has satisfied itself with regard to the assurances provided by relevant third parties.

ASSURANCE: PRINCIPLE 5 APPLIED

The Board ensures that reports issued by SAICA enable stakeholders to make informed assessments of SAICA’s performance, and its short-, medium-, and long-term prospects.

The Board sets the direction, approach and conduct for the reporting of SAICA affairs and performance to stakeholders. This is done during the annual approval of a reporting framework. The Board also ensures that the reporting frameworks comply with all regulatory obligations, which include the principles of King IV™.

The Board approved SAICA’s integrated report and has satisfied itself with regard to the assurances provided by relevant third parties.

ROLE AND RESPONSIBILITIES OF THE BOARD: PRINCIPLE 6 APPLIED

The Board serves as the focal point and custodian of corporate governance in SAICA.

THE BOARD CHARTER

The SAICA Board Charter regulates the parameters within which the Board operates and ensures the application of the principles of good corporate governance in all its dealings. Additionally, the Charter sets out the roles and responsibilities of the Board and individual members, including the composition and relevant procedures of the Board and is aligned with the provisions of the SAICA constitution.


The Charter further addresses the powers delegated to various Board committees and practices of the Board in respect of matters such as corporate governance, declarations and conflicts of interest, Board meeting documentation and procedures, including the training and evaluation of directors and members of Board committees.


The Charter is reviewed annually, or as and when required during the year. In addition to the regulatory framework provided by the Charter and the terms of reference of the committees.

BOARD RESPONSIBILITIES

  • Ensure that strategic objectives are set and achieved in line with the purpose and objectives of the Institute
  • Establish a policy framework and funding model within which the organisation must operate
  • Act as the custodian of corporate governance in the Institute Ensure that the Board committees discharge their functions appropriately in relation to meeting strategic plans and budgets
  • Monitor the activities of trusts, non-profit organisations and social responsibility projects established by the Institute, as determined in the Institute’s Delegation of Authority
  • Appoint, set performance criteria and evaluate the performance of the CEO
  • Ensure that the Institute maintains a robust process for identifying, prioritising, managing, mitigating, monitoring and reporting critical risks through the Audit and Risk Committee
  • Ensure that the Institute and its members, associates and trainee accountants adhere to the highest standards of ethics and competence, that the relevant designations are protected and that the profession is trusted
  • Oversee the disciplinary process with regard to members, associates and trainee accountants
  • Promote and monitor transformation in the profession
  • Review and approve appropriate by-laws
  • Engage with stakeholders and members

ROLE AND RESPONSIBILITIES OF THE BOARD: PRINCIPLE 6 APPLIED

The Board serves as the focal point and custodian of corporate governance in SAICA.

THE BOARD CHARTER

The SAICA Board Charter regulates the parameters within which the Board operates and ensures the application of the principles of good corporate governance in all its dealings. Additionally, the Charter sets out the roles and responsibilities of the Board and individual members, including the composition and relevant procedures of the Board and is aligned with the provisions of the SAICA constitution.


The Charter further addresses the powers delegated to various Board committees and practices of the Board in respect of matters such as corporate governance, declarations and conflicts of interest, Board meeting documentation and procedures, including the training and evaluation of directors and members of Board committees.


The Charter is reviewed annually, or as and when required during the year. In addition to the regulatory framework provided by the Charter and the terms of reference of the committees.

BOARD RESPONSIBILITIES

  • Ensure that strategic objectives are set and achieved in line with the purpose and objectives of the Institute
  • Establish a policy framework and funding model within which the organisation must operate
  • Act as the custodian of corporate governance in the Institute Ensure that the Board committees discharge their functions appropriately in relation to meeting strategic plans and budgets
  • Monitor the activities of trusts, non-profit organisations and social responsibility projects established by the Institute, as determined in the Institute’s Delegation of Authority
  • Appoint, set performance criteria and evaluate the performance of the CEO
  • Ensure that the Institute maintains a robust process for identifying, prioritising, managing, mitigating, monitoring and reporting critical risks through the Audit and Risk Committee
  • Ensure that the Institute and its members, associates and trainee accountants adhere to the highest standards of ethics and competence, that the relevant designations are protected and that the profession is trusted
  • Oversee the disciplinary process with regard to members, associates and trainee accountants
  • Promote and monitor transformation in the profession
  • Review and approve appropriate by-laws
  • Engage with stakeholders and members
GOVERNANCE FRAMEWORK

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SAICA Integrated Report 2022.
All Rights Reserved.

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SAICA Integrated Report 2022. All Rights Reserved.

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Head Office